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    4 Replies Latest reply on Jan 10, 2010 12:01 AM by TheSoloGuide

    Need Business Help and Advice

    michelle098 Newbie
      Me and my husband have been in the restaurant business for almost 5 years we starting out in a little cafe doing breakfast lunch and soft serve ice cream we were only renting and going into our third year we were starting to make some money after complaining to our landlord about a leaky roof and fixing other things she evicted us (she wanted us to buy the place) We did look into buying it but she wanted 179,000 which is not worth it!! Now it just sits there and rottening anyway that happen in July. We then found a bar/rest that we purchased we did it on a land contract because the banks would not loan us the money because it is a high risk business and did not show much for income. We then took out a loan on our house which was paid for to make a down payment on the place. Tried to get a SBA loan but my credit is bad due to my ex- husband doctors bills.Our payment is 2400.00 a month at a interest rate 11.75% We paid 210,000 and stuck another 40,000 into the kitchen. We were doing great our first year and now that this recession has hit we are struggling (like everyone else). My husband and I work it our self it alot of hours average 16 hours a day. It is getting very hard to make our payment tried to talk to our landlord if he could lower our payments but his words were I will call my lawyer you call yours (we are one payment behind) we owe him 140.000. I feel he wants it back and that is why he won't work with us because we fixed and cleaned it up and he could turn around and sell it for alot more. This is a heart and soul if we lose this we lose everything and we are not getting younger if we lose this we will never have anything. At my wits ends any advice would greatly be appreciated. Thanks

      Michelle
        • Re: Need Business Help and Advice
          alex.gx Newbie
          Michelle,

          Fist of all yes you love your place and yet your life is always going to be bigger than any challenge you face.

          Alot depends on details of the contract. When I see it I can advice futher.

          Is your land contract recorded in the register of deeds? Does it allow you to assign equitable title/interest in the property to another buyer before final payment is made?

          If place worth a lot more know at very least you could sell it, pay him back and reap the rewards via profit on sale.

          If you intend to keep it first step is to check fine print, secondly you could talk to local newspaper - generate publicity, sell more and hence been able to pay on time, there might surely few more options.

           


          With kindest regards,

          Alex

          www.gxen.net
          • Re: Need Business Help and Advice
            Navigator
            Michelle,

            This is terrible. I'm not an expert in landlord/tenant disputes, but I do want to wish you the best of luck and may you come out stronger on the other side!
            You've put so much in and you and your husband deserve to win.

            Dennis
            dennis@blitzlocal.com
            • Re: Need Business Help and Advice
              alex.gx Newbie
              Michelle,

              How`s going? Keep us updated.

               


              And all the best,

              Alex.
              • Re: Need Business Help and Advice
                Tracker

                Michelle:

                 


                Sorry to hear about your troubles. I recently owned a restaurant, so I know some of the troubles you are facing.

                 


                I agree with Alex. The details of your contract will spell out your rights. Sounds like it is time to get a lawyer. And I agree with his other recommendation. Is there someone that you know that can loan you the money to pay rent for 6 months while you list the business with a broker?

                 


                Without knowing more specific details, it is hard to give you other appropriate advice for cutting expense and increasing business.

                 


                I hope all works out for you.

                 


                Doug Dolan

                 

                The Solopreneur's Guide

                 

                http://thesologuide.com/